Metals in command

STOCKS REPORT

Gains in old economy stocks - driven by metal and cement counters - helped the markets close in the positive despite index heavyweight and FMCG pivotal Hindustan Lever "" which has a 6.47 per cent weightage in the BSE Sensex"" shedding 3.33 per cent to Rs 192.80 after it reported only a marginal rise in quarterly earnings despite better sales.

The benchmark Bombay Stock Exchange (BSE) Sensex closed up 0.39 per cent (23.45 points) at 6,035.80 points - its highest finish since January 19. The broader National Stock Exchange (NSE) Nifty closed up 0.34 per cent at 1,920.10 points.

Moving in a narrow range of 60 points, the Sensex opened steady but lost ground in early trades. It gained momentum in afternoon trades, witnessing alternative bouts of selling and buying to eventually close marginally in the positive. The Sensex hit a high of 6,058.99 points and a low of 5,999.13 points in intra-day trades.

The undertone of the market was cautious with losers outpacing gainers by 971:754. Cash market turnover at the BSE was at Rs 2,538.34 crore and at the NSE was at Rs 5,388.83 crore.

Foreign institutional investors (FIIs) were net buyers of Indian shares at Rs 65.6 crore on February 16 and have brought in a total of Rs 1,968.6 crore in February and Rs 4,404 crore in 2004 so far.

Mutual funds though have turned sellers in February. They were net sellers at Rs 64.5 crore on February 16 and have sold shares worth Rs 228.80 crore in February so far.

Heavyweights Reliance Industries was up 0.92 per cent at Rs 597.80, State Bank of India was up 0.44 per cent at Rs 632.40 and ITC was up 0.32 per cent at Rs 1,072.10 contributing to the gains of the Sensex.

Tata Steel rose 2.2 per cent to Rs 453.60 and Grasim Industries rallied 4.6 per cent to Rs 1,188.35.

Automobile pivotals Bajaj Auto was down 1.69 per cent at Rs 991.75, Hero Honda Motor was down 1.08 per cent at Rs 498.45 and Tata Motors was down 0.07 per cent at Rs 558.90.

National Aluminium Ltd rose 1.4 per cent to Rs 183.80 on expectations of rising aluminium prices and Hindalco was up 0.2 per cent at Rs 1,349.95.

Mid-cap pharma companies were up on expectations of strong overseas demand for generics. Sun Pharmaceuticals Ltd rose 6.2 per cent to Rs 692.05 and Cadila jumped 7.2 per cent to Rs 467.45.

Tech pivotals Satyam Computer was up 1.32 per cent at Rs 340.70 and Infosys Tech was up 0.95 per cent at Rs 5,401.15.

IPCL was down 2.17 per cent at Rs 180.35 on selling pressure on talks that retail investors may get IPCL shares at a discount as the government has decided to offer differential pricing to small investors.

ICICI Bank was up 2.20 per cent at Rs 315.95. L&T was up 1.45 per cent at Rs 556.90.

Bharti Tele-Ventures was up 0.70 per cent to Rs 159.15. Reliance Energy was down 0.82 per cent at Rs 662.70. FDC Ltd was up ten per cent at Rs 108.60 rupees. IFCI was up 6.31 per cent at Rs 11.80.